New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Ryman (RYM) reported a 1H23 result in-line with our expectations due to strong re-sale gains offset by higher costs and weak new-sale gains</li><li>Annuity EBITDA was up 35% vs PCP and 14% ahead of our estimates</li><li>While the news across the P&amp;L was more positive than negative, the cash flow was very weak and net debt increased by ~NZ$450m vs the FY22 full year, to ~NZ$3bn</li></ul>

Ryman (RYM) reported a 1H23 result in-line with our expectations due to strong re-sale gains offset by higher costs and weak new-sale gainsAnnuity EBITDA was up 35% vs PCP and 14% ahead of our estimatesWhile the news across the P&amp;L was more positive than negative, the cash flow was very weak and net debt increased by ~NZ$450m vs the FY22 full year, to ~NZ$3bn

Ryman (RYM): 1H23 Result – Initial Impressions

Ryman Healthcare

Ryman (RYM): 1H23 Result – Initial Impressions